News

Epic raises $1 billion at a $29 billion valuation

To fuel its vision for the metaverse

Date Type Companies involved Size
April 13th, 2021 investment Epic Games $1,000m
Epic raises $1 billion at a $29 billion valuation

Epic Games has completed a $1 billion funding round.

As detailed in a site update, $200 was pledged by Sony, who was already an investor in the Fortnite creator, having made a strategic investment of $250m in the company last year.

Other investors included Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, KKR, funds and accounts advised by T. Rowe Price Associates, Ontario Teachers' Pension Plan Board, funds and accounts managed by BlackRock, Park West and Luxor Capital.

"Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry," said Sony CEO, president and chairman Kenchrio Yoshida.

"We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world. I strongly believe that this aligns with our purpose to fill the world with emotion through the power of creativity and technology.

Following the funding round, Epic Games now has a company valuation of $28.7 billion. An increase of over $11 billion from the valuation it had when raising $750m in June 2020.

Into the metaverse

The Fortnite creator has stated that its newfound money will be used for growth opportunities. However, it will primarily be used to fuel Epic's long-term vision for its metaverse.

"We are grateful to our new and existing investors who support our vision for Epic and the Metaverse," said Epic Games CEO Tim Sweeney.

"Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store."

Recently, Epic Games snapped up Capturing Reality. One of several acquisitions the company has made as it works towards its metaverse goals.


Staff Writer

Kayleigh is the Staff Writer for PocketGamer.biz. Besides PGbiz and PCGI she has written as a list writer for Game Rant, rambling about any and all things games related. You can also find her on Twitter talking utter nonsense.

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